S.L. 376.7 Art. 2Interpretation. Cap. 376. Cap. 330.

(1) In these regulations, unless the context otherwise requires –

"the Act" means the Financial Institutions Act;

"Commission Delegated Regulation" means Commission Delegated Regulation (EU) 2017/2055 of 23 June 2017 supplementing Directive (EU) 2015/2366 of the European Parliament and of the Council with regard to regulatory technical standards for the cooperation and exchange of information between competent authorities relating to the exercise of the right of establishment and the freedom to provide services of payment institutions, as may be amended from time to time;

"competent authority" means the Malta Financial Services Authority established under the Malta Financial Services Authority Act;

"Electronic Money Directive" means Directive 2009/ 110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC as may be amended from time to time and includes any implementing measures that may be issued thereunder;

"European financial institution" means a legal person authorised by a European regulatory authority to provide INSTITUTIONS

payment services in terms of the Payment Services Directive and, or to issue and, or distribute and, or redeem electronic money in terms of the Electronic Money Directive, or a person registered under the Payment Services Directive to provide solely account information services;

"European regulatory authority" means a body that is in another Member State and is empowered by law or regulation to supervise payment institutions, electronic money institutions and, or account information service providers;

"European right" means the entitlement of a person to engage an agent, or to establish a branch, or to appoint a distributor, or to provide services, in a Member State, other than that in which it has its registered office or, if under its national law it has no registered office, the Member State in which it has its head office:

(a) in accordance with the Treaty of Rome signed in 1957, establishing the European Economic Community as subsequently amended, and as applied in the Member States; and

(b) subject to the requirements of the Payment Services Directive and, or the Electronic Money Directive, and subject to any regulations or Financial Institutions Rules issued under the Act implementing such requirements;

"home Member State" means:

(a) where the European financial institution or the Maltese financial institution is a natural person, the Member State in which his or her residence is situated;

(b) where the European financial institution or the Maltese financial institution is a legal person, the Member State in which its registered office is situated or, if under its national law it has no registered office, the Member State in which its head office is situated;

"host Member State" means the Member State in which a Maltese financial institution or a European financial institution, as applicable, exercises or proposes to exercise a European right;

"Maltese financial institution" means a legal person licensed by the competent authority in terms of the Act to provide payment services and, or to issue and, or distribute and, or redeem electronic money, or a person registered by the competent authority in terms of the Act to provide solely account information services;

"Payment Services Directive" means Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/ EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC, as may be amended from time to time and includes any implementing measures, implementing technical standards, regulatory technical standards and similar measures that have been or may be issued thereunder.

(2) Words and expressions used in these regulations which are also used in the Act, but which are not defined herein, shall have the same meaning as in the Act.